07MAR2019 - NEWS - French oil major Total SA inks agreement with Novatek for acquiring 10 percent stake in Arctic LNG 2 project

French oil and gas company Total SA has recently signed the definitive agreements with Russian natural gas producer PAO Novatek for the acquisition of a 10% interest in Arctic LNG 2, a giant liquefied natural gas project led by Novatek on the Gydan Peninsula in Russia. The transaction is expected to be closed by the end of the first quarter of 2019. The definitive agreements follow the binding agreement inked at the 22nd Saint Petersburg International Economic Forum in May 2018. Taking into account Total’s 19.4% stake in Novatek and Novatek’s intention to retain 60% of the project, the French company’s overall economic interest in this new LNG project will be approximately 21.6%. Should Novatek decide to reduce its participation below 60%, Total will have the possibility to increase its direct share up to 15%.

Published by Editor - www.Livebunkers.com at 07-Mar-2019 05:25:34 [UTC] , contact editor at editor@livebunkers.com